HOUSTON - Single-family home sales totaled 7,769 units, up 1.0 percent compared to July 2013, according to the latest monthly report prepared by the Houston Association of Realtors (HAR).

July sales of all property types increased by 0.7 percent compared to July 2013. Total dollar volume for properties sold rose 7.0 percent to $2.4 billion versus $2.3 billion in July 2013.

Prices climbed to a record high for a July but were lower than June’s all-time record highs. The average price of a single-family home jumped 6.4 percent year-over-year to $277,023. The median price increased 6.8 percent year-over-year to $202,000.

Days on Market — the number of days a home takes to sell — fell to a record low of 45.

Housing inventory has edged up each of the last three months reaching a 3.0-months supply in July. It is down from the 3.4 months supply of June 2013 and below the current 5.6-months supply of inventory across the U.S. reported by the National Association of Realtors.

Housing Market Summary: July 2014 vs. July 2013

July 2013

July 2014

Chg.

Total sales

9,189

9,250

0.7%

Total dollar volume

$2,286,767,930

$2,447,214,048

7.0%

Total active listings

32,966

29,808

-9.4%

Total pending sales

4,419

4,743

7.3%

Single-family sales

7,690

7,769

1.0%

Avg. price single-family home

$260,293

$277,023

6.4%

Median price single-family home

$189,180

$202,000

6.8%

Single-family inventory*

3.4

3.0

-10.7%

* The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.